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No. 0819 authorizing issuance of bonds on parity with COSB redevelopment district tax increment revenue bonds of 1985 & 1986 for purpose of raising money for property acquisition and redevelopment in SBCAA
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No. 0819 authorizing issuance of bonds on parity with COSB redevelopment district tax increment revenue bonds of 1985 & 1986 for purpose of raising money for property acquisition and redevelopment in SBCAA
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Michael L. Vance <br />Director, Administration and <br />Finance <br />CITY of SOUTH BEND <br />ROGER O. PARENT, Mayor <br />COUNTY CITY BUILDING <br />EXHIBIT J <br />Members of the South Bend <br />Redevelopment Commission <br />12th Floor County -City Bldg. <br />South Bend, IN 46601 <br />SOUTH BEND, INDIANA 46601 <br />November 12, 1987 <br />2 19/284 -974 2 <br />RE: Statement Concerning City of South Bend Redevelopment <br />District Tax Increment Revenue Bonds of 1985 ( "Series 1985 <br />Bonds ") and Tax Increment Revenue Bonds of 1986 ( "Series <br />1986 Bonds ") <br />Dear Commissioners: <br />This statement is being provided to you as you consider the <br />authorization and issuance of Parity Bonds pursuant to the terms of <br />Resolution Number 747 as amended ( "Series 1985 Bond Resolution "), <br />which authorized the issuance of Tax Increment Revenue Bonds in <br />aggregate principal amount of Four Million Two Hundred Thousand <br />Dollars ($4,200,000), and Resolution Number 775 as amended ( "Series <br />1986 Bond Resolution "), which authorized the issuance of Tax <br />Increment Revenue Bonds in aggregate principal amount of One Million <br />Seven Hundred Fifty Thousand Dollars ($1,750,000). <br />Please be advised that all interest and principal payments with <br />respect to all bonds payable from the tax increment are current as of <br />this date in accordance with the terms thereof with no payment in <br />arrears. Further, the current balance in the Reserve Account <br />established by the Series 1985 Bond Resolution and the Series 1986 <br />Bond Resolution equals the Debt Service Reserve Requirement as <br />provided for in said Resolutions. <br />Sincerely, <br />--A �Q� e. <br />Michael L. Vance <br />Director, Administration <br />and Finance <br />MLV /rds <br />
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